Key Investment Highlights

Leading footprint in lowest cost Natural Gas Basin in the U.S.

  • Premier asset footprint in the Appalachian Basin
  • Gathering dedication includes 286K acres in core Marcellus and 166K acres in core OH Utica*
  • Lowest natural gas breakeven in the Marcellus / Utica

Stable cash flow backed by long-term contracts

  • 54% of revenue generated from firm reservation charges**
  • 15-year weighted average transmission & storage contract life and 8-year weighted average gathering contract life*
  • 80% of revenue from investment grade counterparties**

Significant organic growth projects support long-term growth

  • $3.25 B of organic growth projects backed by firm commitments
  • 32% increase to adjusted EBITDA from firm projects
  • 8% - 10% annual dividend growth target for E-Train

Unique combination of scale and growth

  • 3rd largest natural gas gatherer in the United States
  • Enhanced ability to achieve scale and scope
  • 2021E adjusted EBITDA approximately 54% higher than current run rate adjusted EBITDA

Strong credit profile

  • Investment grade credit metrics
  • Target leverage 3.5x – 4.0x
  • No equity required in foreseeable future

* Recast for EQM/RMP Mergers as of 12/31/2017
** For the period ended 9/30/2018